UK plans to unveil new legislation to broaden scope of Russia sanctions

The new law will target "any company of interest" to Russia, such that no one will be "immune", the UK's Foreign Secretary Liz Truss said.

The Foreign Secretary also warned Germany to not get distracted by short term economic interests.
AFP

The Foreign Secretary also warned Germany to not get distracted by short term economic interests.

Britain has been set to announce new sanctions legislation next week to hit "a much wider variety" of Russian economic targets as part of efforts to deter Moscow from invading Ukraine.

The draft law will widen the country's sanctions toolbox so "any company of interest to the Kremlin and the regime in Russia" could be targeted, UK Foreign Secretary Liz Truss said on Sunday.

"What I'll be announcing later this week is improved legislation on sanctions so we can target more Russian interests that are of direct relevance to the Kremlin," Truss told Sky News.

"There will be nowhere to hide for Putin's oligarchs," she added.

"What the legislation enables us to do is hit a much wider variety of targets, so there can be nobody who thinks that they will be immune to those sanctions."

READ MORE: Ukraine urges West to be 'vigilant and firm' in negotiations with Russia

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'A much tougher line'

Relations between Russia and the West are at their lowest point since the Cold War after Moscow deployed tens of thousands of troops on the border of Ukraine.

The military build-up has prompted fears that Russia is planning an invasion, spooking NATO and its members in the region and prompting the Western alliance to explore bolstering its own deployments there.

Britain is preparing to offer NATO a "major" deployment of troops, weapons, warships and jets in Europe as soon as next week, Prime Minister Boris Johnson announced on Saturday.

In her interview, Truss also warned that European allies must remain united in deterring Moscow, and prioritise "defending freedom and democracy" over "immediate financial issues".

She noted Germany appeared to be taking "a much tougher line" on the controversial pipeline Nord Stream 2 built to relay Russian gas to Europe.

"We cannot favour short-term economic interests over the long-term survival of freedom and democracy in Europe. That's the tough decision all of us have got to make," Truss said.

READ MORE: Will the West target Nord Stream 2 to cut German dependence on Russian gas?

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